NIFTY bounces back! Expected to move in the shown region
Nifty - Technical Analysis:
-Nifty gapped up above 11400 and took support from the trendline.
-Support level at 11400, crossing above 11550 could lead to upward targets of 11700,11750
Market - Driving Factors:
-Data after market hours on Monday showed the country's economy contracted 23.9 per cent in the June quarter, much worse than estimates
-Nifty settled at 11,491.25, up 103.75 points - or 0.91 per cent - from its previous close.
-Shares of metal companies were in focus on Tuesday, with Nifty Metal index surging 3 per cent
Nifty - Outlook for Wednesday, 2nd September:
Nifty is expected to test the above resistance zone once again, with support levels at 11400,11470. NIFTY reached a high of 11550 intraday but couldn't sustain the levels but buying was observed toward the final hour. Upward move expected to test the resistance zone once again.
-Nifty gapped up above 11400 and took support from the trendline.
-Support level at 11400, crossing above 11550 could lead to upward targets of 11700,11750
Market - Driving Factors:
-Data after market hours on Monday showed the country's economy contracted 23.9 per cent in the June quarter, much worse than estimates
-Nifty settled at 11,491.25, up 103.75 points - or 0.91 per cent - from its previous close.
-Shares of metal companies were in focus on Tuesday, with Nifty Metal index surging 3 per cent
Nifty - Outlook for Wednesday, 2nd September:
Nifty is expected to test the above resistance zone once again, with support levels at 11400,11470. NIFTY reached a high of 11550 intraday but couldn't sustain the levels but buying was observed toward the final hour. Upward move expected to test the resistance zone once again.
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